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All Journal Journal of Indonesian Economy and Business Jurnal Bisnis dan Akuntansi Wahana: Jurnal Ekonomi, Manajemen dan Akuntansi The Indonesian Journal of Accounting Research
ZAKI BARIDWAN
Universitas Gadjah Mada
Economics, Econometrics & Finance

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Asimetri Informasi dan Cost of Equity Capital Puput Tri Komalasari; ZAKI BARIDWAN
The Indonesian Journal of Accounting Research Vol 4, No 1 (2001): JRAI January 2001
Publisher : The Indonesian Journal of Accounting Research

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33312/ijar.51

Abstract

This research examines the association between an information asymmetry and cost of equity capital. The conventional wisdom, it is generally assumed that a  company which has a disclosure at a greater extent will reduce the cost of equity capital.  An empirical research indicated more disclosure will reduce information asymmetri. This research tries testing if the declining of information asymmetry resulting from the extent of disclosure will bring the effects on declining of the cost of equity capital. Further, the research tries testing the differences of declining level of cost of equity capital as a result of  the declining of information asymmetry among relatively small companies and large companies.The number of  companies taken as samples in the research cover about 213 companies, listed at Jakarta Stock Exchange before 1996. The hypothetical test was conducted by implementing cross-sectional method, taking a research periode of 1996. This research adopts Bid ask spread as a basis for measurement of  information asymmetry and capital asset pricing model (CAPM) used to estimate the quantity of cost of equity capital. In order to control the size effects, analytical model in the research also utilizes the variables of  market values of equity.As expected, the research showed up the existence of a positive relationship between information asymmetry and cost of equity capital. A controlled-variable, NPSR, also brought effects on the number of cost of equity capital significantly.  This fact makes it possible to separate the hypothesis between a large company and a small one.Separately, the results of testing between small scaled - companies and large scaled-companies indicated real differences at the declining level in term of cost of equity capital. Large companies experience a greater declining cost of equity than small companies, therefore, a large company earned a greater benefit resulting from a greater disclosure, compared from  a small company. This results implied  that the companies have to improve the quality of their disclosure with the intention that the information asymmetry happening among the market players will declines and so will the cost of equity capital.
Social Cognitive Theory Test: Role of Anxiety in getting Professional Sanction in Professionalism and Auditor Independence Francisca Reni Retno Anggraini; Zaki Baridwan; Suwardjono Suwardjono; Hardo Basuki
The Indonesian Journal of Accounting Research Vol 20, No 2 (2017): IJAR May 2017
Publisher : The Indonesian Journal of Accounting Research

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (648.054 KB) | DOI: 10.33312/ijar.373

Abstract

Abstract: Scandals in auditing have deteriorated the credibility of the accounting profession. The low law enforcement and concentrated ownership structure in Indonesia (La Porta et al., 1999; Siregar, 2006) has led to lower auditor independence. This study uses social cognitive theory in modeling. Based on social cognitive theory, law enforcement influences auditor’s concern to professional sanction. Then, the concern to professional sanction is cognitive which influence auditor's independence. The objectives of this research are to examine the effect of work context to the level of auditor’s concern to professional sanction, the role of auditor’s concern to professional sanction to his or her professionalism and independence. Based on scenario-based surveys in Jakarta, Surabaya, Semarang, Denpasar, Yogyakarta, we received 186 usable questionnaires (83 questionnaires from auditors working in non-big four accounting firms and 103 questionnaires from auditors who work in big four firms). This study uses multiple regression analysis and independent sample test. This study found that work context did not influence the level of auditor's concern to professional sanction but auditor's concern to professional sanction influences his or her independence to the audited. Finally, this research provides evidence that professionalism and concern to professional sanction have substitution effect to auditor’s independence. Abstrak: Skandal dalam audit telah memburuk kredibilitas profesi akuntansi. Rendahnya penegakan hukum dan struktur kepemilikan yang terkonsentrasi di Indonesia (La Porta et al, 1999; Siregar, 2006) telah menyebabkan independensi auditor yang lebih rendah. Penelitian ini menggunakan teori kognitif sosial dalam pemodelan. Berdasarkan teori kognitif sosial, penegakan hukum mempengaruhi kepedulian auditor terhadap sanksi profesional. Kemudian, perhatian terhadap sanksi profesional adalah kognitif yang memengaruhi independensi auditor. Tujuan dari penelitian ini adalah untuk menguji pengaruh konteks kerja terhadap tingkat perhatian auditor terhadap sanksi profesional, peran perhatian auditor terhadap sanksi profesional terhadap profesionalisme dan kemandiriannya. Berdasarkan survei berbasis skenario di Jakarta, Surabaya, Semarang, Denpasar, Yogyakarta, kami menerima 186 kuesioner yang memenuhi syarat (83 kuesioner dari auditor yang bekerja di kantor akuntan non big 4 dan 103 kuesioner dari auditor yang bekerja di 4 perusahaan besar). Penelitian ini menggunakan analisis regresi berganda dan uji sampel independen. Studi ini menemukan bahwa konteks kerja tidak mempengaruhi tingkat perhatian auditor terhadap sanksi profesional, tetapi perhatian auditor terhadap sanksi profesional mempengaruhi independensinya terhadap auditor yang diaudit. Akhirnya, penelitian ini memberikan bukti bahwa profesionalisme dan perhatian terhadap sanksi profesional memiliki efek substitusi terhadap independensi auditor.
Co-Authors Anggraini, Reni Retno ARIE RAHAYU HARIANI Arief Budiarto Eliada Herwiyanti Ertambang Nahartyo Hanna Meilani Salno HARDO BASUKI Negina Kencono Putri Parawiyati Parawiyati Puput Tri Komalasari Sri Ruwanti Sumiyana Sumiyana Supriyadi . Suwardjono Suwardjono